PRINCETON, N.J., March 15 /PRNewswire-FirstCall/ -- Pharmacopeia , an innovator in the discovery and development of novel small molecule therapeutics, today announced that the Company has extended its ongoing drug discovery and development collaboration with Neurocrine Biosciences Inc. . The companies have elected to expand the scope of their collaboration to include an additional disease target against which Pharmacopeia is expected to produce candidates for Neurocrine.
“We are very excited about our collaboration with Neurocrine as it enables us to apply our proven drug discovery and development platform to central nervous system and metabolic disease targets,” said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. “We have enjoyed a productive collaboration with Neurocrine to date and look forward to continuing our success by delivering high-value candidates against this latest disease target.”
In 2003, Pharmacopeia and Neurocrine established their existing collaboration with the goal of producing compounds against multiple disease targets that Neurocrine would advance into development and onto the market. Since the collaboration’s initiation, Pharmacopeia has delivered Neurocrine a number of compounds against selected disease targets.
“The earlier screening campaign led to an active series which was optimized in a collaboration involving scientists from both companies. With that successful result in hand, a second target was selected,” said John Saunders, Ph.D., Senior Vice President, Research (Chemistry) of Neurocrine Biosciences. “Moving forward, we look to build on our success by obtaining additional hits capable of being optimized towards more drug-like molecules.”
Based on the terms of the collaboration, Pharmacopeia is entitled to receive milestone payments from Neurocrine if collaboration programs progress into and through clinical development. Additionally, if therapeutic products are marketed based on compounds derived from the collaboration, Pharmacopeia will be entitled to receive royalties on sales.
“Our strategic collaborations allow us to mitigate drug development risk and increase the breadth of our partnered product pipeline while also funding our high-value internal drug development programs through milestone and royalty payments,” stated Dr. Browne. “Through this approach to partnerships we are driving value for Pharmacopeia and its shareholders by best positioning the Company for long-term success.”
Pharmacopeia currently has ten compounds in development, each partnered with a major pharmaceutical or biotechnology company. Six of these compounds are in preclinical development. Four compounds (representing three partnered, therapeutic programs) are currently in Phase I clinical trials for rheumatoid arthritis, an allergy/asthma indication and an inflammation indication. Pharmacopeia will receive milestone payments for those programs that successfully advance through clinical development and royalties on the sales of any compounds that are ultimately commercialized.
In addition to its partnered compounds, Pharmacopeia has a strong pipeline of wholly owned programs. The Company’s most advanced internal programs are: JAK3 inhibitors (an immunosuppressant with potential utility in multiple indications including transplant rejection, psoriasis, asthma and rheumatoid arthritis); adenosine A2A antagonists (anti-neurodegenerative compounds with potential application in the treatment of multiple diseases, including Huntingdon’s, Parkinson’s and Alzheimer’s); and CCR-1 antagonists (with potential application in the treatment of inflammatory diseases such as rheumatoid arthritis and multiple sclerosis).
ABOUT PHARMACOPEIA
Pharmacopeia creates and delivers novel therapeutics to address significant medical needs. Using proprietary technologies and processes, Pharmacopeia discovers and develops novel drug candidates to advance internally as well as with strategic partners. The Company is advancing multiple internal programs - focused primarily on immunobiology and immunological diseases - to validation in clinical trials. Pharmacopeia’s later stage portfolio currently comprises multiple partnered programs that have been advanced into human clinical trials with further programs in late- stage preclinical development. Beyond these, the Company has several internal programs in advanced preclinical optimization and multiple partnered programs in discovery that are expected to drive the Company’s clinical portfolio in the future.
Contact: Michio Soga Executive Vice President and Chief Financial Officer Pharmacopeia (609) 452-3643 irreq@pcop.com
This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management’s current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia’s strategic plans, the planned cessation of full-time employee funding from Pharmacopeia’s existing collaborations with Schering-Plough, Pharmacopeia’s intentions regarding the establishment and continuation of drug discovery collaborations with leading pharmaceutical and biotechnology organizations, in particular, the continuation and funding level of such continuation of Pharmacopeia’s existing collaboration with N.V. Organon, Pharmacopeia’s ability to build its pipeline of novel drug candidates, through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia’s ability to raise additional capital, Pharmacopeia’s anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia’s expectations concerning the development priorities of its collaborators and their ability to successfully develop compounds, Pharmacopeia’s expectations concerning the legal protections afforded by U.S. and international patent law, additional competition, changes in economic conditions, and other risks described in documents Pharmacopeia has filed with the Securities and Exchange Commission, including its Report on Form 10-Q filed on November 4, 2005, its Report on Form 10-K filed on March 23, 2005 and subsequent filings under the Securities and Exchange Act of 1934. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia disclaims any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Pharmacopeia Drug Discovery, Inc.
CONTACT: Michio Soga, Executive Vice President and Chief FinancialOfficer, Pharmacopeia, +1-609-452-3643, irreq@pcop.com
Web site: http://www.pharmacopeia.com/
